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Solarvest unveils Powervest, Malaysia's first renewable energy fintech platform

KUALA LUMPUR, Aug 25  (Bernama) -- Clean energy specialist Solarvest Holdings Bhd unveiled  Malaysia’s first renewable energy financial technology (fintech) platform, its solar financing solution named Powervest.

Executive director/ group chief executive officer Davis Chong said the first-of-its-kind service is an extension of Powervest, which was launched in September 2021 to promote renewable energy adoption among commercial and industrial players via its zero initial cash outlay proposition.

He said this new fintech solution will further improve the service comprehensiveness of Powervest, making the switch to clean energy a hassle-free experience, with a completely digitalised experience for its clients, enabling a seamless onboarding process.

Some of the key features are credit health analysis and the provision of renewable energy (RE) financing solutions, he said during a virtual press conference here today.

“We aimed to enlarge the pie of industry by leveraging on this platform. We believed the RE industry can only improve if we continuously seek to develop its supporting ecosystem. As a market leader, it is our responsibility to inspire advancement and push the innovation frontier of the sector.

“With an integrated platform capable of handling all processes from credit health checks to generating RE proposals in the Powervest, we are positive that the RE adoption rate will see bigger leaps moving forward,” he said.

He said that currently, yearly installation for solar energy for commercial and industrial markets is 200 Megawatt (MW) to 250 MW and it is targeting to channel 300 MW to 350 MW to boost the RE industry with the fintech platform as the whole process time could be shortened from a year to less than three months,

On the outlook of the RE industry, he shared that the current macro environment of the solar industry is challenging due to the escalating supply chain disruptions, logistic and energy crisis issues, but the government policies in place continue to drive the momentum.

“Malaysia is one country that has a strong policy to drive renewable energy that helps to drive the market. In the bigger picture. In ASEAN we see that there is great momentum for RE in the Philippines. Thailand, Indonesia and Vietnam as well. 

“ASEAN is the next important RE market globally after China and India for international investors and local players to consider,” he said.

For Solarvest, the business growth strategy is aligned to countries that the RE policy is driving strongly and this includes Taiwan, he said.

“We are expanding in five ASEAN countries and Taiwan. Solarvest is also looking to expand by adding different pillars or value chains such as the next technology integrations of battery storage systems, hydrogen fuel cells and more.

“We are integrating all these with our solar energy business to make it more conclusive for all our RE investors and customers,” he added.

-- BERNAMA

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